Answer:
1. Carissa Communications' Statement of Retained Earnings for the year ended July 31, 2018:
Retained Earnings, July 31, 2017         $0
Net Income (Loss)                           6,845
Retained Earnings, July 31, 2018 $6,845
2. Carissa Communications' Classified Balance Sheet as of July 31, 2018:
Assets:
Current Assets:
Cash                                $ 3,500
Accounts Receivable         3,000
Merchandise Inventory      1,300
Total Current Assets       $7,800      $7,800
Long-term Assets:
Equipment, net                12,500    $12,500
Total Assets                                    $20,300
Liabilities + Equity:
Current Liabilities:
Accounts Payable             1,900  
Accrued Liabilities            5,855
Total Current Liabilities  $7,755      $7,755
Long-term Liabilities:
Notes Payable, long-term                  3,400
Total Liabilities                                  $11,155
Stockholders' Equity:
Common Stock                  2,300
Retained Earnings             6,845
Total Stockholders' Equity 9,145     $9,145
Total Liabilities +  Equity  $20,300
Explanation:
a) Data and Calculations:
1. Adjusted Trial Balance for its first year of business, which ended on July 31, 2018
Cash                                $ 3,500
Cost of Goods Sold       $ 18,400
Selling expenses                1,700  
Equipment, net                12,500
Accounts Payable                               1,900  
Accrued Liabilities                              5,855
Common Stock                                   2,300
Net Sales Revenue                          30,000
Notes Payable, long-term                  3,400
Accounts Receivable         3,000
Merchandise Inventory      1,300
Interest Expense                    55
Administrative Expense    3,000
Total                               $43,455   $43,455
2. Carissa Communications Income Statement Year Ended July 31, 2018  
Net Sales Revenue        $30,000
Cost of Goods Sold           18,400  
Gross Profit                        11,600
Operating Expenses  
Selling Expenses                 1,700  
Administrative Expenses   3,000
Total Operating Expenses 4,700  
Operating Income              6,900
Interest Expense                    (55)
Net Income (Loss)            $6,845